The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-11-04
PUSHING THETRUST SCHEME
Enthusiastic Meeting of Supporters of
the Enterprise in the Second Ward.
How Councilman Swain and Alderman Endly
Stand on Gas Legislation-When Work
Will Be Begun on the Pipe Line.

the Consumers Trust company,s inreresrs IL
was largely attended, and the auditors as we'll
as the speakers showed a great deal of enthusi-
asm in the Enterprise under the influence of
golden promises. Many of the leading men of
the ward were there. and while large portion
of them will subscribe to the stock, they re-
Trained from committing themselves to the hope
fitness expressed by the majority. The enthu-
siasts were heard above all others and some of
their remarks did not suggest that the sole and
benefcient purpose was TO bring gas to the city
at a low cost. II this cannot be done, it is prob
able. from what some of them said. that no other
company shall have the chance to pipe the city
until the trnst is either q success failure.
The tone OF the meeting indicated possibility
of the company becoming phanthropic
nopoly il there is not curb put upon some of its
promoters. The torture to which the meeting sub
jected Councilman Swain allows this inference.
He said the other day, II have the honor to
represent the liveliest ward in the CITY, The
people up there capable of dealing with any
issue, and am afraid have not the Websterian
head to meet the emergency" In effect he told
his constituents the same thing when they
called upon him. last night. to give an account
OF his position on the absorbing topic. He then
went on to say that the natural-gas committee
of the Council had done the best it thought
could be done in forming ordinance with
schedule of prices based 80 per cent. the cost
Of coal SIN that" he continued, 1--WE simply
made a fair bid for gas. It did not come, nor
did see any hope of it's being brought to the
city under the ordinance rates. A week or two
Igo another proposition made. and after in
Yestigating it the committee was inclined to
favor it. which meant an amendment to the
schedule in advancing the prices Part of the
committee was ready to report to that end whom
this enterprise came up. 1t then decided
to wait and what became OF
it The Consumers Gas Trust Company
has been evolved out of that discussion. and the
people ought to thank the gas committee Of the
Council for it. Had it not been for our action,
do not think you would have trust company
to-day. The agitation has done that much good.
I have been abused numerically and without
reason. 1t does me good to see some of the men
who at the outset favored one of the biggest
monopolies that existed engaged in pro-
noting this philanthropic movement 1t signi-
fies q change Of heart These men a few months
ago were abusing me because l would not vote
for schedule higher than that adopted by the
committee l give them credit for what they
now seem to be, but let me say that man who
comes forward as philan,hropist without
planning fully and clearly his true position does
q meaner act than would have done in voting
for increase of prices"
Before you sit down, Mr. Swain. said w. p
Fishback, ST want to know if you will wait
until the result of this movement is known be-
fore you will favor any change in the ordi-
nancep
st can assure the Trust company replied
the councilman, that nothing will be done
until it has chan ce to be heard any proposed
amendments
..That won't do" said Mr. Potts. who isa
resident of Woodruff Place. beyond the city |
limits what Mr.. Flshback wants you to say |
is that you will favor change in the ordinance |
until the directors of this company say it is a |
failure"
..Your company, gentlemen Mr.. Swain an
swsred, shall have an equal chance with any |
other company"
THAT won't do" Mr. Potts replied 1--WE |
would like to have you say whether not you |
will wait until our scheme is failure, until it
is declared to be so by the directors, before you
favor any amendment TO the ordinance" The
crowd became little anxions to hear the reply
and in its movements towards Mr.. Swain and
Mr.. Potts. caused some confusion in which the
councilman's answer was indistinctiy beard by
those the outer edge. 1t is presumed twas
favorable. everyo body directly interested In |
the trust applauded
Alderman Endly was then called for, but he
escaped easily with the favor of the crowd at
tending him he simply said, At have no |
speech to make except that have always been
in favor of the old ordinance, and am now op-
posed to any change in it." It has been
porter OF the Journal that he wanted to have
gas in the city possible, and while he |
did not directly commit himself favoring an |
advance in prices he said he would be willing to
pay tho price of coal if he could get the gas for
his own
Previous to these expressions from the coun-
p. Fishback and A. +. Potts spoke in detail of
the features of the enterprise. Their remarks
were also explanatory of the relations the sub
scribers would hold to the company
The scheme pleased Immensely the Second
ward people, who, when the opportunity was
gwen. volunteered their services in canvassine
the ward for subscribers Henry Clay Alien as
of the meeting. had charge of distrib-
uting the subscription books and dividing the
ward into districts: So much earnestness was
displayed that aresolution was adopted pledginc
those present not to take gas from any company
but the Consumers Trust until july 1888. This
is in the nature of option on the consumers
Of that part of the city.
After the meeting Mr. Potts was asked to ex-
plain probable contingency some Of the sub
scribers would no doubt have to meet. An Eypo-
shetical case of subscriber, say a workingman.
paying part of his assessments and failing
through some unavoidable circumstance the
.est, was presented. lin that event." continued
Inc INQUIRER Twill the company issue stock for
The amount paid or, under the law governing
,uch transactions, sell the whole for what it will
bring and apply the proceeds in settling the |
amount delnquentF
II don't think we have provided for that" re-
oiied he. THAT must be attended right
sway. It is something we have not thought |
about planning"
Yesterday this gentleman, as secretary of the
company. issued circular calling attention to |
he benefits natural gas will do the city in giving |
IN impulse to business and enterprises of all
Kinds. He suggested that building associations
should invest their surplus cash in
he Trust company, and goes further in advis-
ng the following plan: IF the secretaries will
20 the list of stockholders .hey will fud
many names of persons who have taken stock
imply investment. with no intention of ,
building; such mem bers have paid in a certain
mount upon their stock, and are entitled to
,orrow with the stock collateral, in most as
ssocistions, amount nearly equal to the
mount paid in. 1t might De suggested to such
members that they should make the loan upon !
heir stock, and with the money thus secured
ubscribe for stock in the Gas Consumers Trust
Company; the interest they would have to pay
he association would not be more than g or
er cent. in most cases, and they will be drawing
per cent upon their stock in the gas trust. Ii
you'd also hanaft the association finding q |